A mortgage lien on condominium units in foreclosure takes precedence over the condo board’s lien for unpaid common charges, Manhattan Supreme Court Justice Lucy Billings (See Profile) ruled on Oct. 30.
The case involves three residential units and one commercial garage unit in a condo building at 455 Central Park West. The units are owned by the condo’s sponsor, 455 CPW, LLC. The sponsor defaulted on the mortgage in September 2009. AMT CADC Venture, LLC, which acquired the mortgage from now-defunct lender Amtrust Bank, initiated a foreclosure proceeding.
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